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12 June, 2019 - 22:15 By Tony Quested

Kymab breaks cover on US IPO but keeps quiet on valuation

Simon Sturge

Cambridge antibodies specialist Kymab has submitted a confidential draft registration statement for a proposed IPO in the United States.

Business Weekly exclusively disclosed on May 1 that Kymab was considering a float on Nasdaq, the American technology exchange. 

We also revealed Bicycle Therapeutics and F-star were eyeing Nasdaq floats, since when Bicycle has raised $60.6 million on the market. F-star reiterated today that an IPO was one of its options going forward. While Bicycle was forced to put the brakes on its original ambition of raising $86m, it has still done well in its US bow .

Speculation on how much Kymab will bid to raise is varying in the investment inner circles but it looks like being much higher than the Bicycle float valuation.

Investment media has cited documents filed by Kymab at the end of May  where it details a qualifying IPO as involving a valuation of not less than $400 million with new share issuance of not less than $70 million.

A hefty float valuation would come as a relief to stockpicker Neil Woodford who owns a sizeable stake in the business and could do with a lift after a series of setbacks. 

Kymab has not responded to a Business Weekly request for comment but in a recent posting on its website stated: “Kymab Group Limited has previously confidentially submitted a draft registration statement on Form F-1 to the US Securities and Exchange Commission (the SEC) relating to the proposed initial public offering of American Depositary Shares, each of which will represent one or a number of its ordinary shares. 

“The number of shares to be offered and the price range for the proposed offering have not yet been determined. 

“The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.”

A clinical-stage biopharma company, Kymab is developing a deep pipeline of novel antibody-based therapies focused on the discovery and development of fully human monoclonal antibody drugs using its proprietary technology platforms collectively called IntelliSelect. Simon Sturge recently succeeded David Chiswell as Kymab CEO to steer the company’s future fortunes.

Kymab’s platforms have been designed to maximise the diversity of human antibodies produced in response to immunisation with antigens. Selecting from a broad diversity of fully human antibodies assures the highest probability of finding drug candidates with best-in-class characteristics quickly and efficiently.

The IntelliSelect Transgenic platforms are designed to generate best-in-class, fully-human monoclonal antibodies from several highly-engineered strains of mice that have the complete constellation of human antibody building blocks in their genome.

The IntelliSelect Screening technology combines single cell sequencing, genomics and proprietary bioinformatic algorithms to prioritise and select antibodies generated by the IntelliSelect Transgenic platforms that have the most desirable drug-like properties. 

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